DV 2020 All Selectees

The first sentence is kind of a strange question, by definition it's your asset as long as you own it. When you sell an asset at a profit there is a capital gain, that may be taxed. The date on which you land in the US and become an LPR is the date from which you will be liable to pay tax on income or gains. As a LPR you are taxed on worldwide income so it doesn't matter where the property is or whether or not you bring the proceeds into the US, it must be declared on your tax return. Whether or not you will actually owe any tax on it is more complicated, depending what the asset is, how much the gain is, whether you are liable for any tax in the home country and whether or not there is a double tax treaty in place.

By the way if you have more than $10k total overseas in bank accounts or stocks at any point during a year while you are a green card holder, you need to file a report (FBAR) annually listing these assets. It's not very complicated,but must be reported.
I was hoping to hear that there is a tax-free year(from the landing date one year) that can be used to import assets and money without treating them as capital gains.
 

SusieQQQ

Well-Known Member
I was hoping to hear that there is a tax-free year(from the landing date one year) that can be used to import assets and money without treating them as capital gains.
You can import anything as is without it being a capital gain (you don't get capital gains on cash anyway). The capital gain is triggered on sale of an asset. If you don't want to be liable for US tax on the gain, sell it before you land in the US. Just bringing in cash, to repeat yet once more, is not a taxable event.
 
You can import anything as is without it being a capital gain (you don't get capital gains on cash anyway). The capital gain is triggered on sale of an asset. If you don't want to be liable for US tax on the gain, sell it before you land in the US. Just bringing in cash, to repeat yet once more, is not a taxable event.
Thank you for that info. So the landing is the entry point where you declare what are you bringing in? It makes sense.
I am guessing when you say cash, it also can be a money transfer (bank to bank).
 

SusieQQQ

Well-Known Member
Thank you for that info. So the landing is the entry point where you declare what are you bringing in? It makes sense.
I am guessing when you say cash, it also can be a money transfer (bank to bank).
You don't have to "declare" anything on that date unless you are traveling with more than $10k in actual cash or bearer instruments, which needs to be declared in terms of anti-money laundering measures.
Again, it doesn't matter from a tax perspective whether or not you bring it in, or when.
The importance of the date is that it is the effective date on which you become liable for US tax reporting on any future income or gains, but it doesn't matter where those happen.

And yes, when i said "cash" or money i was talking about a bank transfer. It makes no difference from a tax perspective whether you bring in physical cash or do a transfer.
 
That is informative, How about if i receive my NSSF funds which in our case if you immigrate you qualify to rteceive all your NSSF saving. Will it also be taxed? The Reason am asking this money is only sent to your Bank in the US, by the National Social security fund.
 
that's awesome. I may land in the US the same day or the next. it's right there.
Well, this is our plan for sure -- we live only 1 hour drive from the border and go there every week anyway to receive our parcels, so makes sense to open up the visas and start building the USA credit ASAP, since unfortunately though we're Canadians, our credit history in the USA comes to ZERO.
 
You can import anything as is without it being a capital gain (you don't get capital gains on cash anyway). The capital gain is triggered on sale of an asset. If you don't want to be liable for US tax on the gain, sell it before you land in the US. Just bringing in cash, to repeat yet once more, is not a taxable event.
What is the risk of not being admitted to the US with an approved visa? Selling house, cars, quitting jobs .. when is the correct time to do that? before or after landing?
 

SusieQQQ

Well-Known Member
What is the risk of not being admitted to the US with an approved visa? Selling house, cars, quitting jobs .. when is the correct time to do that? before or after landing?
Minuscule chance of being denied, all the work for an immigrant visa is done before (as long as no fraud in application and you haven’t committed any major crimes after getting the visa!)

No one size fits all answer, depends how you plan to move and if you plan to do so on first trip or not.
 
Hello Guys,

Quick update.

Had my interview on the 8th December..Abu Dhabi.. Was asked to bring more documents - Bank statements and or I-134 from my US host. Once i send it they will let me know and i will send my passport in through a courier service. I must say i feel a lil anxious now as its been a day since i sent it through email as requested and no ones .. lol.. a day only. Waiting with passport in hand.

I just want to say to a certain extent i was complacent. I should have just gotten these things but i read and had alot of people tell me they were not asked to provide it. Please make sure to gather all documents and then some for yoyr interview.

Best of Luck.

Alain
 
Thanks for the update and best of luck Alain, Just to clarify from the gurus here, if i have the i-134 do i still have to provide the bank statements? Or to be on safe side i have to provide both?
 

Sm1smom

Super Moderator
Hello Guys,

Quick update.

Had my interview on the 8th December..Abu Dhabi.. Was asked to bring more documents - Bank statements and or I-134 from my US host. Once i send it they will let me know and i will send my passport in through a courier service. I must say i feel a lil anxious now as its been a day since i sent it through email as requested and no ones .. lol.. a day only. Waiting with passport in hand.

I just want to say to a certain extent i was complacent. I should have just gotten these things but i read and had alot of people tell me they were not asked to provide it. Please make sure to gather all documents and then some for yoyr interview.

Best of Luck.

Alain
You, unfortunately are learning the hard way. This is we precisely why we keep telling selectees to be over prepared when they go for their interview. Attending the interview with the barest minimum financial document requirements, especially with the current volatile immigration situation in the US, is a big risk that should be avoided at all cost when possible. It is in a selectee’s best interest to stop looking for a reason to not consider the possibility of getting an I-134 or presenting a heavily loaded and/or a verifiable bank statement/account prior to going in for their interview to show they’re unlikely to become a public charge.

Anyway, you’re currently on AP, not much you can do but patiently wait for them to request for your passport.

Best of luck!
 

Sm1smom

Super Moderator
Thanks for the update and best of luck Alain, Just to clarify from the gurus here, if i have the i-134 do i still have to provide the bank statements? Or to be on safe side i have to provide both?
There’s no limit to what you should have on hand to convince the CO you’re unlikely to become a public charge. Go in over-prepared. Don’t eliminate one because you have the other.
 
You, unfortunately are learning the hard way. This is we precisely why we keep telling selectees to be over prepared when they go for their interview. Attending the interview with the barest minimum financial document requirements, especially with the current volatile immigration situation in the US, is a big risk that should be avoided at all cost when possible. It is in a selectee’s best interest to stop looking for a reason to not consider the possibility of getting an I-134 or presenting a heavily loaded and/or a verifiable bank statement/account prior to going in for their interview to show they’re unlikely to become a public charge.

Anyway, you’re currently on AP, not much you can do but patiently wait for them to request for your passport.

Best of luck!
I truly have learned the hard way. In your experience How long does this last?

Thank you.

Alain
 
Could be a couple of days/weeks, could be several months. No way to predict how long, it is now at the discretion of the embassy and their workload I suppose.
Thank you for the reply.

Is there any thread on here for those on AP for DV2020? Or i guess i am the first one.. lol. Could we create one please so we can keep in touch. Thank you.
 

SusieQQQ

Well-Known Member
Thank you for the reply.

Is there any thread on here for those on AP for DV2020? Or i guess i am the first one.. lol. Could we create one please so we can keep in touch. Thank you.
Go to the main forum page https://forums.immigration.com/ click on the orange “post thread” button and start one! Good luck. At least it’s still early in the FY so hopefully you have plenty of time to get this sorted out.
 
Hello Guys,

Quick update.

Had my interview on the 8th December..Abu Dhabi.. Was asked to bring more documents - Bank statements and or I-134 from my US host. Once i send it they will let me know and i will send my passport in through a courier service. I must say i feel a lil anxious now as its been a day since i sent it through email as requested and no ones .. lol.. a day only. Waiting with passport in hand.

I just want to say to a certain extent i was complacent. I should have just gotten these things but i read and had alot of people tell me they were not asked to provide it. Please make sure to gather all documents and then some for yoyr interview.

Best of Luck.

Alain
May I ask what do you do for job? I wonder how it's related to whether they ask you for it or not...
 
Hello guys I have my interview in January.
I have registered carrier drop off location.
So I made a mistake by the time I was filling the registration in place of writing my given name as john bolton, I wrote only John.
So what shall I do if I want to change my name error I have to cancel my appointment and I don't want do that since it delays my case.
Or shall I take this latter as it in my interview date since this latter is for the DHL location that I choose and name doesn't matter in my opinion,because they will only ask if I register carrier drop off location if and only if I pass the interview and I prepare my hole documents I have this issue only.
But who know I would appreciate if you help me
Thank you guys.
 
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